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A U.S. Securities and Exchange Commission plan to overhaul oil and gas reporting rules will boost oil companies’ proven reserves, lift their shares and may even lead to takeovers.

The SEC said in June it wanted to revise the rules, devised in the 1970s, saying they were based on “outdated” thinking.

The stockmarket regulator plans to allow companies to book reserves from “unconventional” oil and gas sources such as oil sands and coal-bed methane — currently two of the hottest areas of investment.

Companies would also be able to book reserves at some deep-water projects that cannot currently be described as “proven”, and firms could also publish data on “probable” and “possible” reserves, recovery of which is much less certain.

“The companies will actually be able to book more reserves,” said Frederic van Parijs, Senior investment manager with ING Investment Management in the Hague.

The planned reporting changes will not only apply to U.S payday loans in one hour. oil companies like Exxon Mobil (XOM.N: Quote, Profile, Research, Stock Buzz) but also European majors, as most report under SEC rules.

“For some companies, it would have a significant impact, particularly if they have a heavy exposure to non-traditional sources of future production,” said Peter Newman, who heads the oil and gas practice at Deloitte & Touche in London.

Individual companies declined to comment on the impact of the changes but support the SEC’s move strongly through industry bodies. 

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